How long is the “long run”? It will vary from industry to industry. How long would you estimate the long run is in the following industries?
a. The market for pretzels and soda sold from street carts in the Wall Street financial district in New York
b. The market for meals at newly trendy Korean porridge restaurants
c. The market for electrical engineers
d. After 2008, the market for movies that are suspiciously similar to Twilight.